The super PAC affiliated with President Donald Trump’s raised $177 million in the first half of 2025, new fundraising reports show — with GOP megadonors, key Trump allies (including some government officials), big business, a secret-money group and the mother of a man who received a presidential pardon among those filling the group’s coffers ahead of next year’s midterms.
Even in an era of overflowing money in politics, the massive sum sticks out. It is a sign that Trump’s political operation will continue to wield major influence even though Trump himself is barred by term limits from running for president again.
The group spent just $4.6 million over that time, meaning it has more than $196 million banked away as Trump continues to put his stamp on the Republican Party and looks to keep Congress in GOP control in the 2026 midterm elections.
Trump also has yet more money nestled away in other committees he can use for various political causes.
The list of MAGA Inc. donors included Elizabeth Fago of Florida, who made a donation of $1 million on April 3. Nursing home executive Paul Walczak, Fago’s son, received a pardon from Trump on April 23 after having pleaded guilty to tax crimes months earlier. According to The New York Times, Walczak’s pardon application highlighted Fago’s political activity, and Fago attended a pricey fundraiser for the Trump super PAC shortly before Walczak received a pardon.
Fago’s $1 million donation exceeds all of her previous individual donations to GOP campaigns combined, according to Federal Election Commission records.
Billionaire GOP megadonor Jeff Yass, who donated $16 million to the group, was the Trump super PAC’s top donor. After he sent MAGA Inc. $1 million days before Trump’s inauguration, Yass gave $15 million more in early March.
His trading firm holds a significant stake in the parent company of the Chinese social media giant TikTok, and Trump has repeatedly delayed implementing legislation banning the app in America until it could be sold to an American owner.
The second-largest donation in the new report, $13.75 million, came from a nonprofit group called Securing American Greatness Inc. The nonprofit group popped up in 2024 and ran ads on Trump’s behalf ahead of last year’s election, and it doesn’t have to publicly disclose its donors.
Kelcy Warren, the head of the energy company Energy Transfer LP, gave the Trump super PAC $12.5 million, while the cryptocurrency firms Foris DAX and Blockchain.com gave $10 million and $5 million, respectively.
Elon Musk also chipped in $5 million to MAGA Inc. on June 27, when he also gave the same amounts to the main Republican super PACs involved in House and Senate races.
Musk spent heavily to help Trump win last year and joined his White House. But just weeks before his donation to the pro-Trump group, he left the White House while criticizing Trump’s signature tax cuts and spending bill and attacking Trump for his ties to convicted sex offender Jeffrey Epstein.
Kelly Loeffler, who is now a member of Trump’s Cabinet as head of the Small Business Administration, gave $2.5 million to MAGA Inc. on June 25. Her husband, Intercontinental Exchange CEO Jeffrey Sprecher, gave another $2.5 million.
Jared Isaacman, the billionaire entrepreneur Trump tapped to lead NASA before he pulled his nomination in early June, gave the group $1 million on the final day of June.
And Warren Stephens, the Arkansas-based businessman whom Trump nominated as his ambassador to the United Kingdom, gave $1 million.
Other prominent donors include:
- Venture capitalists Ben Horowitz and Marc Andreessen, who each gave $3 million.
- Ronald Lauder, an heir to the Estée Lauder cosmetics and a pro-Israel activist, who gave $5 million.
- Billionaire businessman Timothy Mellon, who gave almost $2 million.
- Lynsi Snyder-Ellingson, the president of In-N-Out Burger, who gave $2 million.
- William Ford, an investment CEO who is also on the board of TikTok parent company ByteDance, who gave $1.25 million.
- Antonio Gracias, a private equity CEO who served in a high-ranking, volunteer role with Trump’s “Department of Government Efficiency,” who gave $1 million.
- Dallas Cowboys owner Jerry Jones, who gave $1 million.
- Tyler and Cameron Winkelvoss, the entrepreneurs and early Bitcoin investors, who each gave about $500,000.
Dylan Ebs and Scott Bland contributed.
